LESS CASES OF COUNTERFEIT MONEY REPORTED IN SOUTH AFRICA

PRETORIA– The number of cases of counterfeit South African banknotes being reported has continued to decline over the past five years, says South African Reserve Bank (SARB) Governor Lesetja Kganyago.

Addressing the launch of the Nelson Mandela commemorative banknotes and five-Rand circulation coins here Friday, Kganyago said South African banknotes and coins are among the most secure internationally.

The security features embedded in our banknotes and coins represent the most innovative advances in global design and technology, he said.

The commemorative banknotes and the five-Rand circulation coin have come into circulation from Friday, just five days ahead of the national commemoration of Madiba’s 100th year of birth.

The Reserve Bank did not incur additional costs when producing the commemorative banknotes, said the governor. We simply printed the same number of notes that we would have printed in a year and we dedicated over four million of those notes to the centenary, Kganyago said.

The Reserve Bank also launched a mobile application as a platform to create greater public awareness of the security, technical and design features of the country’s banknotes. The app features interesting details on the life and times of Tata Madiba aligned to the commemorative banknotes, Kganyago said.

Source: NAM NEWS NETWORK